GAS TAKES A DIP

Average retail gasoline prices in New York have fallen 2.7 cents per gallon in the past week, averaging $2.29/g Monday, according to GasBuddy’s daily survey of 6,118 gas outlets in New York. This compares with the national average that has fallen 0.5 cents per gallon in the last week to $2.12/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New York during the past week, prices yesterday were 50.7 cents per gallon lower than the same day one year ago and are 10.5 cents per gallon lower than a month ago. The national average has decreased 12.1 cents per gallon during the last month and stands 47.8 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on August 8 in New York have ranged widely over the last five years:
$2.80/g in 2015, $3.78/g in 2014, $3.86/g in 2013, $3.85/g in 2012 and $3.94/g in 2011.

Areas nearby New York and their current gas price climate:
Syracuse- $2.11/g, down 2.4 cents per gallon from last week’s $2.13/g.
Rochester- $2.24/g, down 1.5 cents per gallon from last week’s $2.26/g.
Scranton- $2.22/g, down 0.7 cents per gallon from last week’s $2.23/g.

“Government EIA data last week showed a sizable draw on gasoline inventory followed by a strong jobs report, with new jobs for July reaching 255,000. And consequently, WTI crude oil ended the week nearly $3 higher than where it began,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.

“While that may create a brief pause early this week in the decline of retail gasoline, we expect that the prevailing price trend (incremental decline) will resume shortly, barring any additional refinery problems in the midwest, or, potential Atlantic hurricane activity.”